Single-Family House Sales Inch Upward in September

Sales of new single-family houses in September 2014 were at a seasonally adjusted annual rate of 467,000, or 0.2 percent above the August estimate of 466,000, according to the U.S. Census.

The rate is 17 percent above the September 2013 estimate of 399,000.

The median sales price of new homes was $259,000 and the average price was $313,200. The number of new houses for sale at the end of the month was 207,000, or a 5.3-month supply.

"Three consecutive months of sales upticks demonstrate steady growth in the housing market," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB), in a statement. "Consistent job creation and low mortgage interest rates are spurring the release of pent-up consumer demand."

Regionally, new home sales grew 12.3 percent in the Midwest and 2 percent in the South. Sales remained the same in the Northeast and decreased 8.9 percent in the West.